Pindi Traders Oppose Proposed Bill to Abolish Tax Exemption
The Rawalpindi Chamber of Commerce and Industry (RCCI) has voiced its disapproval of the government’s plan to eliminate the income tax exemption.
In a statement, RCCI President Mohammad Nasir Mirza expressed concerns about the proposed bill, stating that the pandemic was posing challenging problems for the nation’s economy.
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He added that the chamber has always asked that stakeholders be consulted in economic policy formulation, saying that the introduction of a tax-exempt money bill had raised concerns at the time.
Sohail Altaf, the group’s leader, claimed that the FBR had failed to expand the tax base and that the government was placing an increased burden on current taxpayers rather than seeking out new ones.
He claimed that while tax exemptions were being eliminated, on the one hand, the FBR had received Rs 13 billion more than its tax targets up till February, or a total of Rs 2,911 billion.
He claimed that because of the current unpredictability, such actions would be detrimental to the national economy. He continued that the proposed money measure need to be dropped.
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